All Forum Posts by: Hen Ley

There is a pre-foreclosure property headed to auction at the courthouse steps that I'm very interested in purchasing.  I've sent a couple mailings to the private owners with no response.  I've also called a landline number I believe is current, though it's never answered and no voicemail option.  The house is a little remote and so going to the front door, or even their neighbors, somehow seems a little more intrusive.  Any suggestions as to better ways to reach out that they might be receptive to?

@Nicholas Covington, Thanks so much for the information!  Much appreciated-

The BRRRR method entails refinancing at the end, however, I'm curious what creative ways their are to achieve this if you don't have a conventional job- Any ideas/suggestions would be much appreciated-

Anyone have any suggestions as to how to refinance if you don't have a conventional job?  This has been a consistent hurdle and any insights would be appreciated-

@Mark Enriquez,  Thanks for your insights!  Appreciate your help-

@Mark Enriquez, They are refusing to provide a title commitment based on what they unearthed during the beginnings of their title search.  I was hoping to get a commitment to provide insurance if I ended up winning the auction and owning the property, basically an owner's policy.  However, they will not cover that due to the previously mentioned concerns they have about previous ownership/power of attorney, etc.

I may not be explaining it well... I'm not as familiar with this topic as yourself, for instance, I'm not sure what you mean when you ask if the title company is declining to insure the 'transaction'?

@Mark Enriquez, they started down the path of a report.  I think both title companies found the same issue, which essentially is they don't know that the lender has the authority to auction the property.  I'm a little fuzzy on the details, but sounds as though previously a power of attorney had been used to sign a deed for a company that was not longer active, and the power of attorney was also used to convey the property to itself/ it was self serving, which isn't legal.  

When the title companies came across this they knew they wouldn't insure it and told me as much, rather than complete the report and charge the full price, which I appreciated...  

I called the attorney trustee of the property to tell her and she only responded that the title company she used did not see any issues-

There is an auction coming up for a foreclosure property-  The property has not yet reverted back to the bank, so the outcome of the auction will determine whether it does or, instead, is purchased by a third party.  I'm interested in bidding on the property, however, I've reached out to two different title companies to perform a report prior to the auction and both have said it isn't a property they would provide insurance for due to issues they discovered.

Is there any work around for this?  It would feel reckless bidding on a property anticipating I could not insure the title, but it also seems like  a potential opportunity missed not to bid...

@Scott Smith, thanks so much for taking the time to reply with that additional info!

@Brit F., thanks for the reply and tip regarding a private mail box!

@Scott Smith, Hey Scott, Thanks so much for your insights. I'm actually asking from the lender's perspective- I'm looking at getting into private lending. Is it best to lend in your own name, an LLC or something else?